Binance Hack: Are Pakistani Users Safe After $6.3bn Theft?

The Binance hack of October 29 has become the largest crypto theft on record, with about $6.3 billion taken from the world’s biggest cryptocurrency exchange. For the millions of Pakistanis who trade crypto, the main question is simple: is their money safe? According to the exchange, yes. It says users will not bear any loss and that withdrawals will reopen on Sunday, November 1.

In its latest update on Saturday, Binance said it has already replaced 90% of the stolen assets using its own money and is buying back the remaining 10%, which are less liquid tokens that take longer to purchase. Co-CEO Richard Teng said the exchange, not its users, will absorb the financial impact of the incident.

What Happened in the Binance Hack

On the evening of October 29, an attacker moved about $6.3 billion out of Binance wallets across ten blockchains, including Bitcoin, Ethereum, Tron, Solana and the XRP Ledger. Most of the money left in about 20 minutes.

Binance said its initial investigation showed the attacker got in through a compromised laptop belonging to one of its engineers, which allowed unauthorised transactions. The exchange suspended deposits and withdrawals while it investigated.

Blockchain analysis firms TRM Labs and Chainalysis have linked the attack to TraderTraitor, a North Korea-linked hacking group also blamed for the $1.5 billion Bybit hack in February 2025. The Binance hack is roughly four times that size.

How Binance Is Covering the Losses

• Company funds: Binance set aside about $6.34 billion of its own money to cover the theft.
• Emergency reserves: It is using part of its Secure Asset Fund for Users (SAFU), its Futures insurance fund and its corporate treasury.
• Frozen funds: About $3 billion of the stolen crypto has been frozen with help from other companies, including stablecoin issuers Tether and Circle.
• Proof of reserves: Binance took a fresh snapshot of its reserves on October 31 so users can check that major coins such as BTC, ETH, USDT and BNB are fully backed.

Binance Hack: What Pakistani Users Should Know

Pakistan is one of the world’s larger crypto markets, with the Pakistan Virtual Assets Regulatory Authority (PVARA) estimating 30 to 40 million crypto users in the country. Binance received a no-objection certificate from PVARA in December 2025 for preparatory activities, which is not a full operating licence.

• Your balance: Binance says user balances are not affected and losses are being covered from company funds.
• Withdrawals: They are due to restart on November 1 in phases, after security checks, so there may be some delay at first.
• Deposits: According to the exchange, deposits have kept working normally.
• Beware of scams: After big hacks, fraudsters often send fake “refund” or “verify your account” messages and links. Use only the official Binance app or website and never share your password or 2FA codes.
• Avoid panic selling: Bitcoin fell below $80,000 after the news, and selling in panic during such swings can lock in losses.

What Happens Next

The key test is whether withdrawals reopen smoothly on Sunday and whether users can move funds without long delays. Binance has also promised a detailed technical report once its investigation is complete, while investigators continue to trace and freeze the stolen funds.

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